Margins mostly varied within a range of -19bps to +15bps on the day, with 20 falls and 23 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 4 (SUNPI, -67bps), Latitude Capital Notes (LFSPA, -27bps) and Westpac Capital Notes 5 (WBCPH, -24bps) had the largest (absolute) changes on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 6.10% | -1.51% | 100.50 | 8.14% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.02% | -1.05% | 100.99 | 7.99% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.52% | -0.15% | 101.36 | 8.01% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.66% | -0.38% | 102.14 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.08% | -0.35% | 103.43 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.32% | 1.12% | 102.85 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.94% | -0.32% | 103.18 | 7.57% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.23% | -0.24% | 103.34 | 7.36% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.05% | 0.01% | 104.65 | 8.52% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.50% | 0.05% | 105.75 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.22% | -0.20% | 105.99 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.49% | 0.11% | 105.80 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.03% | 0.04% | 102.73 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.92% | 0.14% | 105.71 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.45% | 0.01% | 103.75 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.14% | -0.27% | 95.44 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.48% | 0.01% | 105.67 | 7.38% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.67% | -0.11% | 104.36 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.28% | 0.01% | 105.65 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.22% | 0.25% | 105.26 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.04% | -0.10% | 103.29 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.10% | -0.06% | 105.20 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | -0.02% | 104.50 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.29% | 0.05% | 102.90 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | -0.67% | 103.40 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.22% | 0.02% | 105.05 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | -0.13% | 103.29 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.66% | -0.05% | 103.81 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.33% | 0.26% | 110.00 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.34% | -0.06% | 102.24 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.86% | 0.09% | 104.45 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | 0.00% | 102.70 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.77% | 0.00% | 103.93 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.62% | 0.15% | 105.50 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.43% | 0.17% | 104.01 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.18% | 0.11% | 103.95 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.56% | 0.10% | 101.80 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.46% | -0.01% | 103.60 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.54% | -0.05% | 102.34 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.97% | -0.06% | 102.30 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.08% | 0.01% | 101.55 | 7.47% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.68% | 0.01% | 102.10 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.72% | 0.06% | 103.03 | 7.28% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.05% | 0.02% | 90.56 | 9.41% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.50% | 0.01% | 106.70 | 8.86% |
** “Clean” running yield. Includes franking credits if present.